Elderly nutrition products provide various health benefits for ageing consumers such as disease management, bone health, protein absorption and overall wellness. They help enrich daily diet with essential vitamins, minerals and proteins required to support nutritional needs of elderly. The growing ageing population prone to chronic illnesses is augmenting the demand for nutrient-rich products specially formulated for older adults.
The global Elderly Nutrition Market is estimated to be valued at Us$ 25215.77 Bn in 2023 and is expected to exhibit a CAGR Of 7.1% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rising demand for elder nutrition products is mainly driven by growing elderly population globally. As per United Nations projections, the population aged 60 years and above is expected to reach 2.1 billion by 2050 from 962 million in 2017. With increase in life expectancy, the nutritional demands of older consumers are becoming more focused on chronic disease management and overall wellness. Hence, manufacturers are innovating new product formulations tailored to address specific nutritional deficiencies common among geriatrics. Moreover, advancement in medical nutrition therapy for age-related conditions such as dementia, osteoporosis, diabetes and hypertension is also providing opportunities for specialized elderly nutrition formulas fortified with prebiotics, probiotics and antioxidants. This is expected to drive the elderly nutrition market substantially during the forecast period.
Segment Analysis
The global elderly nutrition market is segmented by product type, form and distribution channel. Based on product type, the market can be categorized into medical food, supplement and other specialties. Medical food dominates the market with a share of more than 45% due to increasing age associated diseases and metabolic disorders among elderly population. Based on form, the market is bifurcated into powder, liquid and other solid forms. Powder based elderly nutrition products hold a dominant market share owing to their ease of digestion, bioavailability and shelf life. In terms of distribution channel, the market is segmented into pharmacies, online channels, hypermarket/supermarket and other retail stores. Pharmacies segment accounted for the largest share of global elderly nutrition market due to increasing access to these products via prescriptions.
Key Takeaways
The Global Elderly Nutrition Market Demand is expected to witness high growth. The global Elderly Nutrition Market is estimated to be valued at US$ 25215.77 Bn in 2023 and is expected to exhibit a CAGR of 7.1% over the forecast period 2023 to 2030.
Regional analysis:
Asia Pacific region is expected to be the fastest growing market for elderly nutrition during forecast period. This is majorly due to rising life expectancy, expanding geriatric population and growth in healthcare expenditure in nations like China and India.
Key players:
Key players operating in the Elderly Nutrition market are Amcor Limited, WestRock Company, Sonoco Products Company, Sealed Air Corporation, Stora Enso Oyj, Bemis Company, Inc., MULTIVAC, WS Packaging Group, Inc., Active Packaging Ltd., and ULMA Packaging, S.Coop.
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